Thursday, February 16, 2012

16/02/2012: Spanish & French bonds auction

Spain's bond auction results:
  • €2.268bn - 3 year bond, 4% coupon, yield 3.332 against previous auction 2.861% with cover of x 2.2 against previous cover of x1.6.
  • €0.733bn - 3 year obligacion, 4.4% coupon, yield 2.966 against previous auction 4.984% with cover of x 4.4 against previous cover of x2.4.
  • €1.073bn - 7.5 year obligacion, 4.3% coupon, yield 4.832 against previous auction 5.352% with cover of x 3.3 against previous cover of x2.1.
Original target for sales €3-4 billion. Raised €4.074 billion - slightly ahead of target, with improved yields and cover. No allocation map to tell how much of take up was due to banks buying.

Dynamics similar to January 19th auction:
  • €1.3bn - 4 year bond, 4.25% coupon, yield 4.021% against previous auction 3.912% with cover of x 3.2 against previous cover of x1.7.
  • €2.3bn - 7 year bond, 4.6% coupon, yield 4.541% against previous auction 5.110% with cover of x2 against previous cover of x1.1.
  • €3.0bn - 10 year bond, 5.85% coupon, yield 5.403% against previous auction 6.975% with cover of x2.2 against previous cover of x1.7.

And French auction results:

  • €5.025bn - 5 year bond, 1.75% coupon, yield 1.93% with cover of x 1.99
  • €2.09bn - 2 year bond, 3% coupon, yield 0.89% against previous auction 1.05% with cover of x 2.4 against previous cover of x2.1
  • €1.34bn - 3 year bond, 2.5% coupon, yield 1.09% with cover of x 3.0


Via @ForexLive 
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